(A)
With the
approval of the state board of education, the boards of education of any two or
more joint vocational school districts may, by the adoption of identical
resolutions by a majority of the members of each such board, propose that one
new joint vocational school district be created by adding together all of the
territory of each of the districts and dissolving such districts. A copy of
each resolution shall be filed with the state board of education for its
approval or disapproval. The resolutions shall include a provision that the
board of education of the new district shall be composed of the members from
the same boards of education that composed the membership of the board of each
of the districts to be dissolved, except that, if an even number of districts
are to be dissolved, one additional member shall be added, who may be from any
school district included in the territory of any of the districts to be
dissolved as designated in the resolutions. The members of the new board shall
have the same terms of office as they had under the respective plans of the
districts adopting the resolutions, except that, if the new board has an
additional member, the additional member shall have a term as
specified in the resolutions.

If the state board
approves the resolutions, the board of education of each district to be
dissolved shall advertise a copy of the resolution in a newspaper of general
circulation in its district once each week for two weeks, or as provided in section
7.16 of the
Revised Code, immediately following the date the resolutions are approved
by the state board. The resolutions shall become effective on the first day of
July next succeeding the sixtieth day following approval by the state board
unless prior to the expiration of such sixty-day period, qualified electors
residing in one of the districts to be dissolved equal in number to a majority
of the qualified electors of that district voting at the last general election
file with the state board a petition of remonstrance against creation of the
proposed new district.

(B)
When a resolution becomes effective under division (A) of this section, each
district in which a resolution was adopted and the board of each such district
are dissolved. The territory of each dissolved district becomes a part of the
new joint vocational school district. The net indebtedness of each dissolved
district shall be assumed in full by the new district and the funds and
property of each dissolved district shall become in full the funds and property
of the new district. All existing contracts of each dissolved board shall be
honored by the board of the new district until their expiration dates. The
board of the new district shall notify the county auditor of each county in
which each dissolved district was located that a resolution has become
effective and a new district has been created and shall certify to each auditor
any changes that might be required in the tax rate as a result of the creation
of the new district.

(C)
As used in this section, "net indebtedness" means the difference between the
par value of the outstanding and unpaid bonds and notes of the school district
and the amount held in the sinking fund and other indebtedness retirement funds
for their redemption.